Wednesday, 04 24, 2013
Foodservice packaging company to invest $5 million in the Commonwealth
FRANKFORT, Ky. – Governor Steve Beshear today announced Lyons Magnus Inc. plans to expand operations in northern Kentucky, adding 50 jobs and investing $5 million in the project.
“Lyons Magnus has found a perfect fit in northern Kentucky, with a number of logistical and workforce advantages,” said Gov. Beshear. “This expansion means new jobs and millions of dollars in investment, providing a clear picture of the success the company is enjoying in the Commonwealth.”
Founded in 1852, Lyons Magnus develops and markets products for the foodservice industry. With more than 120 current employees in Boone County, the company plans to purchase land to build a new facility for food processing, warehousing space and shipping, as well as add a new production line at its existing operation.
“We are excited to continue the expansion of our Kentucky facility as we grow our market share in the foodservice and industrial markets we serve,” said Lyons Magnus Chairman and CEO Robert Smittcamp. “The Kentucky facility is an important asset as this location allows us to service 60 percent of the U.S. population from this central location. We appreciate Kentucky’s willingness to assist our expansion efforts, as well as the positive business climate that allows us to execute our strategic planning on a timely basis.”
To encourage the investment and job growth in northern Kentucky, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $400,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
“I am thrilled for the people in northern Kentucky, who have obviously proved themselves to Lyons, both with the quality of the workforce and the quality of life,” said Sen. John Schickel, of Union.
“Boone County and northern Kentucky continue to be an important hub in the economy of not only the Tri-State area, but the Commonwealth as a whole,” said Rep. Sal Santoro, of Florence. “The decision by Lyons Magnus to expand its operations is proof positive that our quality of life and our quality of workforce remain strong.”
“Lyons Magnus joins a thriving roster of expanding companies in northern Kentucky,” said Gary Moore, chairman of Northern Kentucky Tri-County Economic Development Corp. (Tri-ED) and Boone County judge-executive. “We appreciate their confidence in northern Kentucky, and thank them for their substantial investment and job creation in Boone County and the region.”
For more information on Lyons Magnus, visit www.lyonsmagnus.com.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook at www.Facebook.com/ThinkKentucky or follow on Twitter at www.Twitter.com/ThinkKentucky.
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